The proprietor of Snapchat has turn out to be the newest tech agency to announce job cuts.
Snap Inc stated it will shed 10% of its workforce – round 530 staff – with most roles anticipated to go within the first quarter.
The disclosure was made in a regulatory submitting, which additionally revealed the corporate expects to face expenses of as much as $75m (£60m) in severance payouts and different associated prices.
The California-based agency employs greater than 5,300 employees globally, together with round 500 within the UK.
A Snap spokeswoman instructed Sky News it was unable to say at this stage if any posts at its London places of work can be affected.
She added: “We are reorganising our team to reduce hierarchy and promote in-person collaboration.
“We are centered on supporting our departing workforce members and we’re very grateful for his or her laborious work and lots of contributions to Snap.”
Snap Inc beforehand introduced plans to chop round 20% of its workforce in 2022.
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Around 406 million individuals use Snapchat every single day on common, in keeping with the agency. It additionally has greater than 5 million Snapchat+ subscribers.
Other tech firms to announce job losses not too long ago embrace Microsoft, which plans to shed 1,900 staff and on-line retailer eBay, which is planning to chop 1,000 roles.
Meta, the proprietor of social media manufacturers Facebook and Instagram, additionally introduced 10,000 redundancies final 12 months.
Shares in Snap fell 4% following the announcement on Monday.
The agency is because of reveal its fourth quarter outcomes on Tuesday.